South Korean Crypto Dilemma: Auctioning Seized Cryptocurrency

Large amounts of cryptocurrency were seized and confiscated by the South Korean government. Naturally, they want to auction the crypto off but they were already previously criticized and questioned over the effectiveness of their methods.

In the past, internal news about the government’s cryptocurrency crackdown was illegally used for unfair trading practices. Prices were manipulated

They don’t want to auction it off from the government website. The problem is associated with the internal trading within the governmental officials and certain reporters. It already has happened when the internal news about the crypto crackdown was used for unfair trading practices.

Before the South Korean government imposed regulations on cryptocurrencies, prices were manipulated and the coins were sold. The public called out many in the government for being corrupt so the government sought out to introduce new commissions to tackle the issues.

The current seized cryptocurrency comes from a criminal case investigation. Almost 192 bitcoin (BTC) were acquired from the “Ahn” entity that was involved in a porn-related operation on the internet.